<PAGE> PAGE 1
000 B000000 06/30/95
000 C000000 088048
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 SCUDDER DEVELOPMENT FUND
001 B000000 811-2021
001 C000000 6172952567
002 A000000 TWO INTERNATIONAL PLACE
002 B000000 BOSTON
002 C000000 MA
002 D010000 02110
002 D020000 4103
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
013 A000001 COOPERS AND LYBRAND L.L.P.
013 B010001 BOSTON
013 B020001 MA
013 B030001 02109
015 A000001 MORGAN GUARANTY TRUST COMPANY
015 B000001 S
015 C010001 MELBOURNE
015 D010001 AUSTRALIA
015 E040001 X
015 A000002 MORGAN TRUST & BANKING CO., LTD.
015 B000002 S
015 C010002 BRUSSELS
015 D010002 BELGIUM
015 E040002 X
015 A000003 CREDITANSTALT BANKVEREIN
015 B000003 S
015 C010003 VIENNA
015 D010003 AUSTRIA
015 E040003 X
015 A000004 CANADIAN IMPERIAL BANK OF COMM.
015 B000004 S
015 C010004 TORONTO
015 D010004 CANADA
015 E040004 X
015 A000005 DEN DANSKE BANK
015 B000005 S
015 C010005 COPENHAGEN
015 D010005 DENMARK
<PAGE> PAGE 2
015 E040005 X
015 A000006 UNION BANK OF FINLAND
015 B000006 S
015 C010006 HELSINKI
015 D010006 FINLAND
015 E040006 X
015 A000007 MORGAN GUARANTY TRUST CO. OF N.Y.
015 B000007 S
015 C010007 PARIS
015 D010007 FRANCE
015 E040007 X
015 A000008 JPMB / MORGAN FRANKFURT GMBH
015 B000008 S
015 C010008 FRANKFURT
015 D010008 GERMANY
015 E040008 X
015 A000009 CITIBANK N.A., ATHENS
015 B000009 S
015 C010009 ATHENS
015 D010009 GREECE
015 E040009 X
015 A000010 CHASE MANHATTAN BANK HONG KONG
015 B000010 S
015 C010010 HONG KONG
015 D010010 HONG KONG
015 E040010 X
015 A000011 CITIBANK N.A., JAKARTA
015 B000011 S
015 C010011 JAKARTA
015 D010011 INDONESIA
015 E040011 X
015 A000012 ALLIED IRISH BANK PLC
015 B000012 S
015 C010012 DUBLIN
015 D010012 IRELAND
015 E040012 X
015 A000013 BANCA COMMERCIALE ITALIANA
015 B000013 S
015 C010013 MILAN
015 D010013 ITALY
015 E040013 X
015 A000014 SUMITOMO TRUST & BANKING CO., LTD.
015 B000014 S
015 C010014 OSAKA
015 D010014 JAPAN
015 E040014 X
015 A000015 CITIBANK N.A., SEOUL
015 B000015 S
015 C010015 SEOUL
015 D010015 KOREA
015 E040015 X
<PAGE> PAGE 3
015 A000016 HONG KONG BANK
015 B000016 S
015 C010016 BERHAD
015 D010016 MALAYSIA
015 E040016 X
015 A000017 CITIBANK N.A.
015 B000017 S
015 C010017 MEXICO CITY
015 D010017 MEXICO
015 E040017 X
015 A000018 ABN-AMRO HOLDING N.V.
015 B000018 S
015 C010018 AMSTERDAM
015 D010018 NETHERLANDS
015 E040018 X
015 A000019 NATIONAL AUSTRALIA BANK LTD.
015 B000019 S
015 C010019 AUCKLAND
015 D010019 NEW ZEALAND
015 E040019 X
015 A000020 DEN NORSKE BANK
015 B000020 S
015 C010020 OSLO
015 D010020 NORWAY
015 E040020 X
015 A000021 CITIBANK N.A.
015 B000021 S
015 C010021 MANILA
015 D010021 PHILIPPINES
015 E040021 X
015 A000022 BANCO ESPIRITO SANTO E COMMERCIAL E LISBOA
015 B000022 S
015 C010022 LISBON
015 D010022 PORTUGAL
015 E040022 X
015 A000023 CHASE MANHATTAN BANK, SINGAPORE
015 B000023 S
015 C010023 SINGAPORE
015 D010023 SINGAPORE
015 E040023 X
015 A000024 FIRST NATIONAL BANK OF S. AFRICA
015 B000024 S
015 C010024 JOHANNESBURG
015 D010024 SOUTH AFRICA
015 E040024 X
015 A000025 BANCO DE SANTANDER
015 B000025 S
015 C010025 MADRID
015 D010025 SPAIN
015 E040025 X
015 A000026 SKANDINAVISKA ENSKILDA BANKEN
<PAGE> PAGE 4
015 B000026 S
015 C010026 STOCKHOLM
015 D010026 SWEDEN
015 E040026 X
015 A000027 SWISS BANK CORPORATION
015 B000027 S
015 C010027 ZURICH
015 D010027 SWITZERLAND
015 E040027 X
015 A000028 HONG KONG & SHANGHAI BANKING CORP.
015 B000028 S
015 C010028 BANGKOK
015 D010028 THAILAND
015 E040028 X
015 A000029 MORGAN GUARANTY TRUST CO. OF N.Y.
015 B000029 S
015 C010029 LONDON
015 D010029 UNITED KINGDOM
015 E040029 X
015 A000030 CITIBANK N.A.
015 B000030 S
015 C010030 ISTANBUL
015 D010030 TURKEY
015 E040030 X
015 A000031 BROWN BROTHERS HARRIMAN & CO.
015 B000031 C
015 C010031 BOSTON
015 C020031 MA
015 C030031 02109
015 E020031 X
015 A000032 CITIBANK N.A.
015 B000032 S
015 C010032 BUENOS AIRES
015 D010032 ARGENTINA
015 E040032 X
015 A000033 CITIBANK N.A.
015 B000033 S
015 C010033 SANTIAGO
015 D010033 CHILE
015 E040033 X
015 A000034 CITITRUST COLOMBIA SA SOCIEDAD FIDUCIARIA
015 B000034 S
015 C010034 COLOMBIA
015 D010034 COLOMBIA
015 E040034 X
015 A000035 CITIBANK N.A.
015 B000035 S
015 C010035 BUDAPEST
015 D010035 HUNGARY
015 E040035 X
015 A000036 CITIBANK N.A.
<PAGE> PAGE 5
015 B000036 S
015 C010036 BOMBAY
015 D010036 INDIA
015 E040036 X
015 A000037 BANK HAPOALIM BM
015 B000037 S
015 C010037 TEL-AVIV
015 D010037 ISRAEL
015 E040037 X
015 A000038 STANDARD CHARTERED BANK
015 B000038 S
015 C010038 KARACHI
015 D010038 PAKISTAN
015 E040038 X
015 A000039 CITIBANK N.A.
015 B000039 S
015 C010039 LIMA
015 D010039 PERU
015 E040039 X
015 A000040 CITIBANK POLAND S.A.
015 B000040 S
015 C010040 WARSAW
015 D010040 POLAND
015 E040040 X
015 A000041 HONGKONG & SHANGHAI BANKING CORP
015 B000041 S
015 C010041 COLOMBO
015 D010041 SRI LANKA
015 E040041 X
015 A000042 CENTRAL TRUST OF CHINA
015 B000042 S
015 C010042 TAIPEI
015 D010042 TAIWAN
015 E040042 X
015 A000043 CITIBANK N.A.
015 B000043 S
015 C010043 MONTEVIDEO
015 D010043 URUGUAY
015 E040043 X
015 A000044 CITIBANK N.A.
015 B000044 S
015 C010044 CARACAS
015 D010044 VENEZUELA
015 E040044 X
015 A000045 THE FIRST NATIONAL BANK OF BOSTON
015 B000045 S
015 C010045 SAO PAULO
015 D010045 BRAZIL
015 E040045 X
015 A000046 BARCLAYS BANK OF BOTSWANA LIMITED
015 B000046 S
<PAGE> PAGE 6
015 C010046 BOTSWANA
015 D010046 BOTSWANA
015 E040046 X
015 A000047 STANDARD CHARTERED BANK
015 B000047 S
015 C010047 SHANGHAI
015 D010047 CHINA
015 E040047 X
015 A000048 CESKOSLOVENSKA OBCHODNI BANKA A.S.
015 B000048 S
015 C010048 PRAGUE
015 D010048 CZECH REPUBLIC
015 E040048 X
015 A000049 BARCLAYS BANK OF GHANA LIMITED
015 B000049 S
015 C010049 OHANA
015 D010049 OHANA
015 E040049 X
015 A000050 BARCLAYS BANK OF KENYA LIMITED
015 B000050 S
015 C010050 KENYA
015 D010050 KENYA
015 E040050 X
015 A000051 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B000051 S
015 C010051 SLOVAKIA
015 D010051 SLOVAKIA
015 E040051 X
015 A000052 BARCLAYS BANK OF SWAZILAND LIMITED
015 B000052 S
015 C010052 SWAZILAND
015 D010052 SWAZILAND
015 E040052 X
015 A000053 BARCLAYS BANK OF ZAMBIA LIMITED
015 B000053 S
015 C010053 ZAMBIA
015 D010053 ZAMBIA
015 E040053 X
015 A000054 BARCLAYS BANK OF ZIMBABWE LIMITED
015 B000054 S
015 C010054 ZIMBABWE
015 D010054 ZIMBABWE
015 E040054 X
018 000000 Y
019 A000000 Y
019 B000000 44
019 C000000 SCUDDERRRR
020 A000001 SCHROEDER MUNCHMAYER HENGST
020 C000001 62
020 A000002 MONTGOMERY SECURITIES
020 B000002 94-1701676
<PAGE> PAGE 7
020 C000002 58
020 A000003 INSTINET
020 C000003 47
020 A000004 WILLIAM BLAIR & CO.
020 C000004 40
020 A000005 SUMMIT CAPITAL GROUP
020 C000005 32
020 A000006 MERRILL LYNCH
020 B000006 13-5674085
020 C000006 30
020 A000007 ALEX BROWN
020 B000007 52-0256630
020 C000007 27
020 A000008 FOX PITT KELTON
020 C000008 26
020 A000009 DAINE BOSWORTH INC.
020 B000009 94-1701676
020 C000009 26
020 A000010 SALOMON BROTHERS
020 B000010 13-3082694
020 C000010 24
021 000000 630
022 A000001 DONALDSON LUF & JEN FIXED INC
022 B000001 13-2741729
022 C000001 144559
022 D000001 0
022 A000002 SALOMON BROTHERS
022 C000002 132674
022 D000002 0
022 A000003 BANK OF BOSTON
022 B000003 04-2472499
022 C000003 32080
022 D000003 29730
022 A000004 DLJ CAPITAL
022 C000004 58588
022 D000004 0
022 A000005 INSTINET
022 C000005 15996
022 D000005 33598
022 A000006 MONTGOMERY SECURITIES
022 B000006 94-1701676
022 C000006 2744
022 D000006 31786
022 A000007 CITIBANK
022 B000007 13-5266470
022 C000007 32540
022 D000007 0
022 A000008 MORGAN STANLEY & CO. INC.
022 B000008 13-2655998
022 C000008 5372
022 D000008 24102
<PAGE> PAGE 8
022 A000009 GOLDMAN SACHS
022 B000009 13-5108880
022 C000009 15536
022 D000009 13148
022 A000010 MERRILL LYNCH
022 B000010 13-5674085
022 C000010 336
022 D000010 16138
023 C000000 2122431
023 D000000 342346
024 000000 N
028 A010000 35412
028 A020000 0
028 A030000 0
028 A040000 42675
028 B010000 17362
028 B020000 0
028 B030000 0
028 B040000 20761
028 C010000 18410
028 C020000 0
028 C030000 0
028 C040000 25570
028 D010000 11408
028 D020000 0
028 D030000 0
028 D040000 16314
028 E010000 14966
028 E020000 0
028 E030000 0
028 E040000 21003
028 F010000 26954
028 F020000 0
028 F030000 0
028 F040000 21195
028 G010000 124512
028 G020000 0
028 G030000 0
028 G040000 147518
028 H000000 124512
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
<PAGE> PAGE 9
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 Y
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 Y
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 N
070 O010000 N
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 251721
071 B000000 312932
071 C000000 605369
071 D000000 42
072 A000000 12
072 B000000 364
072 C000000 1525
072 D000000 0
<PAGE> PAGE 10
072 E000000 0
072 F000000 6050
072 G000000 0
072 H000000 0
072 I000000 1320
072 J000000 195
072 K000000 0
072 L000000 252
072 M000000 44
072 N000000 36
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 52
072 S000000 25
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 72
072 X000000 8046
072 Y000000 0
072 Z000000 -6157
072AA000000 58067
072BB000000 0
072CC010000 180164
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 41498
073 A010000 0.0000
073 A020000 0.0000
073 B000000 2.1200
073 C000000 0.0000
074 A000000 0
074 B000000 7991
074 C000000 250
074 D000000 0
074 E000000 25721
074 F000000 691582
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 8436
074 K000000 0
074 L000000 4241
074 M000000 0
074 N000000 738221
074 O000000 9692
074 P000000 567
074 Q000000 0
074 R010000 0
<PAGE> PAGE 11
074 R020000 0
074 R030000 0
074 R040000 650
074 S000000 0
074 T000000 727312
074 U010000 19475
074 U020000 0
074 V010000 37.35
074 V020000 0.00
074 W000000 0.0000
074 X000000 41327
074 Y000000 0
075 A000000 0
075 B000000 0
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 Y
078 000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 B000000 GULF INSURANCE CO.
080 C000000 40000
081 A000000 Y
081 B000000 63
082 A000000 Y
082 B000000 100
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
SIGNATURE THOMAS F. MCDONOUGH
TITLE SECRETARY
COOPERS & LYBRAND
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees and Shareholders of Scudder Development Fund:
In planning and performing our audit of the financial statements and
financial highlights of Scudder Development Fund (the "Fund") for the year ended
June 30, 1995, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial statements
and financial highlights, and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.
The management of the Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure that might be
material weaknesses under standards established by the American Institution of
Certified Public Accountants. A material weakness is a condition in which the
design or operation of the specific internal control structure elements does not
reduce to a relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial statements and
financial highlights being audited may occur and not be detected within a timely
period by employees in the normal course of performing their assigned functions.
However, we noted no matters involving the internal control structure, including
procedures for safeguarding securities, that we consider to be material
weaknesses, as defined above, as of June 30, 1995.
This report is intended solely for the information and use of
management of Scudder Development Fund and the Securities and Exchange
Commission.
/s/Coopers & Lybrand L.L.P.
Boston, Massachusetts COOPERS & LYBRAND L.L.P.
August 10, 1995
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Development Fund Annual Report for the fiscal year ended June 30, 1995 and is
qualified in its entirety by reference to such
financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> SCUDDER DEVELOPMENT FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1995
<PERIOD-START> JUL-01-1994
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 450,783,769
<INVESTMENTS-AT-VALUE> 725,543,891
<RECEIVABLES> 12,676,641
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 738,220,532
<PAYABLE-FOR-SECURITIES> 9,691,576
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,216,833
<TOTAL-LIABILITIES> 10,908,409
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 406,297,886
<SHARES-COMMON-STOCK> 19,474,819
<SHARES-COMMON-PRIOR> 19,787,452
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 46,245,128
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 274,769,109
<NET-ASSETS> 727,312,123
<DIVIDEND-INCOME> 1,525,525
<INTEREST-INCOME> 363,559
<OTHER-INCOME> 0
<EXPENSES-NET> 8,046,248
<NET-INVESTMENT-INCOME> (6,157,164)
<REALIZED-GAINS-CURRENT> 58,067,466
<APPREC-INCREASE-CURRENT> 180,163,568
<NET-CHANGE-FROM-OPS> 232,073,870
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (41,498,116)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,524,177
<NUMBER-OF-SHARES-REDEEMED> (10,208,073)
<SHARES-REINVESTED> 1,371,263
<NET-CHANGE-IN-ASSETS> (312,633)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 47,509,254
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,050,470
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,046,248
<AVERAGE-NET-ASSETS> 610,271,307
<PER-SHARE-NAV-BEGIN> 27.58
<PER-SHARE-NII> (.31)
<PER-SHARE-GAIN-APPREC> 12.20
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (2.12)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 37.35
<EXPENSE-RATIO> 1.32
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
